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《大行》滙豐研究升港交所(00388.HK)目標價至528元 季績勝預期
滙豐環球研究發表報告指出,港交所(00388.HK)2026年首季每股盈利為4.10港元,按年增長27.3%,較該行及市場共識預期分別高出14%及13%。報告認為,港交所業績受惠於強勁的日均成交額(首季平均為2,770億港元,按年升14%)及新股上市(首季IPO集資額達1,100億港元)。此外,強勁的市場數據費、淨投資收益及倫敦金屬交易所(LME)相關收入亦...
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《大行》滙豐研究升港交所(00388.HK)目標價至528元 季績勝預期
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滙豐環球研究發表報告指出,港交所(00388.HK)  +2.600 (+0.630%)    Short selling $56.18M; Ratio 9.464%   2026年首季每股盈利為4.10港元,按年增長27.3%,較該行及市場共識預期分別高出14%及13%。報告認為,港交所業績受惠於強勁的日均成交額(首季平均為2,770億港元,按年升14%)及新股上市(首季IPO集資額達1,100億港元)。此外,強勁的市場數據費、淨投資收益及倫敦金屬交易所(LME)相關收入亦支持了業績,而經營支出僅按年增加1.7%,顯示成本控制較以往首季趨勢更為嚴格。

該行指出,多項即將到來的催化劑將利好港交所,包括:(1)固定收益及貨幣(FIC)生態系統的長遠發展,監管機構與港交所利益高度一致,目前低人民幣利率及人民幣升值的市場動態亦有利發展;(2)香港財政司司長陳茂波於4月21日表示,活躍的IPO申請已達約500宗,首季強勁的上市執行力有助緩解市場對監管收緊可能導致動能放緩的擔憂;(3)北美投資者認為國際股市吸引力增加,尤其香港及內地市場提供結構性機會且估值不高;(4)港交所將於2026年6月進一步增加每周股票期權類別,總數將達33隻。

滙豐研究維持對港交所的「買入」評級,並將目標價由520港元上調至528港元。該行於業績公佈後,上調對其2026/27/28年的盈利預測分別5.0%、2.4%及1.7%,以反映對日均成交額、衍生產品及LME成交量、上市費及投資收入預期的上調。該行認為,港交所擴展至包括FIC在內的資產類別平台實力,可帶來長遠效益,而持續的IPO動能及更高的交易活動,將有助維持其在現金股票市場的實力。(ad/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-04 12:25.)

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